Zimbabwe’s Drive Towards Becoming the Future Hub for EV Batteries

Zimbabwe is positioning itself as a significant player in the global race to meet the increasing demand for electric vehicle (EV) batteries, thanks to its extensive history of lithium mining. Located 300 kilometers south of the capital Harare, Bikita Minerals holds approximately 65.43 million metric tonnes of lithium resources, highlighting the nation’s pivotal role in the rapidly evolving landscape of sustainable energy.

The growing demand for EVs and essential electronics has led to Zimbabwe’s emergence as a prime destination for multinational corporations vying to secure crucial assets in battery metals. With Africa’s largest lithium reserves and a global ranking of sixth, Zimbabwe is poised to compete with leading lithium-producing countries such as Chile, Australia, China, Argentina, and Brazil.

In 2023, the country generated $209 million in income from lithium exports, with forecasts predicting a contribution of approximately $500 million to government revenue. Lithium is set to become the nation’s third-largest mineral export after gold and platinum group metals. Significant investments from China, Australia, and the United States are expected to boost lithium production across the country, aligning seamlessly with the prevailing trend.

Chinese companies have been at the forefront of lithium ventures in Zimbabwe, with licenses awarded in the third quarter of 2023 funneling a staggering $2.79 billion into the country, primarily in mining and energy. On the other hand, African billionaires, such as Benedict Peters, have also made discreet moves in the lithium mining sector, positioning themselves as key players in the industry.

Zimbabwe aims to become the world’s largest exporter of lithium, contributing to 20 percent of global demand once fully tapped, as a crucial step in the government’s efforts to revitalize the nation. President Emmerson Mnangagwa has identified the mining industry as a pivotal driver of the country’s vision to become an upper-middle-income economy by 2030.

The government has taken legislative strides to prevent the export of raw lithium and has seen heightened investments in the development of lithium assets within the nation. At the same time, the agricultural landscape is experiencing a revival, with notable progress in the horticultural sector, which now aims to achieve $1 billion in exports by 2030.

Zimbabwe’s proactive approach in both the mining and agricultural sectors is setting the stage for national revitalization and economic recovery. The multifaceted and holistic vision of President Mnangagwa is paving the way for Zimbabwe to reemerge as a significant player in the global markets.

All eyes are now on Zimbabwe as it continues to pave its way towards becoming a powerful hub in the global EV battery supply chain, contributing to the sustainable energy transition on a global scale.